Real estate worth €6 billion in Cyprus

The value of real estate sold during 2022 is approaching €6 billion, according to the comparative real estate sales of the Department of Lands and Surveys as processed and presented in the quarterly "Real Estate Market Bulletin" of Cyprus Real Estate Registration Council.

As stated in a press release of the Council, "against the challenges the real estate sector showed resilience and dynamism, which is reflected in the clearest way in the comparative sales of real estate by the Department of Lands and Surveys".

According to the data, 22,129 transactions with a total value of €5.85 billion were recorded throughout Cyprus in 2022. The fourth quarter of 2022 was the best of the year as properties worth €1.7 billion were sold in a total of 5,883 transactions. In the third quarter of 2022 transactions worth €1.65 billion were recorded, in the second quarter transactions of €1.2 billion and in the first quarter transactions of €1.3 billion.

The President of the Registration Council of Real Estate Agents, Marinos Kineyirou, pointed out that "the real estate sector in an extremely difficult period managed to grow and develop."

“However, a series of challenges related to inflation, rising interest rates, the cost of construction materials and the new realities concerning the reduced 5% rate of VAT for the main residence, are expected to affect demand", he said.

The largest volume of sales was recorded in Limassol with 6,945 real estate transactions worth €2.86 billion. Nicosia followed with 6,237 transactions with a total value of €1.2 billion.

The real estate sector in the city and district of Paphos grew significantly during 2022. This is reflected both in the total number of transactions (3,593) and in their total value, which reached €890.4 million. In Larnaca, 4,160 transactions with a value of €666.2 million have been recorded, while in Famagusta 1,194 transactions with a total value of €238.4 million have been completed.

Source: stockwatch.com.cy

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